noting that I was completely off last month, I have 10 cents again for tomorrow.
Last month SJT reported that it sold its NG at a price considerably higher than cash prices at the hubs, so either they locked in some prior higher pricing or they got more aggressive with cookie jar accounting (which they state every month that they indeed do).
Burlington, as the owner of most of the working interests and other leasehold interests comprising the Underlying Properties, receives revenue monthly from the natural gas purchasers. Burlington deducts its production and development costs (including applicable lease operating expenses, capital expenses and taxes) and wires the Trust 75% of the remaining net profits. The Trustee adds investment income, deducts administrative expenses, and then distributes all remaining funds, net of a small reserve.
The trust was formed in 1980. Am sure that hedges in place then have expired. The owner, who also owns the property, decides on hedges, etc. Burlington is now owned by COP.